Defined Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | Defined Benefit Plans The components of net periodic benefit cost were as follows:
During 2014, our Board of Directors approved the termination of the Advantica Pension Plan as of December 31, 2014. We currently expect that the termination of the plan will be completed by the end of fiscal 2015 or early 2016. Settlement gain or loss, if any, resulting from the termination will be recognized at that time. We will be required to make contributions to the qualified pension plan as a result of the termination, dependent upon market conditions and participant elections. We currently expect that these contributions will be between $6 million and $9 million. We made no contributions to our qualified pension plan during the two quarters ended July 1, 2015. We made contributions of $1.3 million to our qualified pension plan during the two quarters ended June 25, 2014. We made contributions of $0.1 million and $0.2 million to our other defined benefit plans during the two quarters ended July 1, 2015 and June 25, 2014, respectively. We expect to contribute $0.1 million to our other defined benefit plans over the remainder of fiscal 2015. Additional minimum pension liability of $24.5 million and $25.0 million is reported as a component of accumulated other comprehensive loss in the Condensed Consolidated Statement of Shareholders’ Equity as of July 1, 2015 and December 31, 2014, respectively. |